NIFTY ANALYSIS

Nifty has opened with a gap down today and reached 50% of the retracement of 5973-6415. This is also supported by channel in Hour chart and Trendline in Day Charts. Weekly channel has supports upto 6155-60 - Week 10SMA.

Below 5185-5170 - The Bearish Wolfe wave will show its' dominance.

As per Hour charts a Reciprocal ABCD pattern is formed which Holding 6170-6150  - would give a bounce to the fall from 6415 - 6185.

23.60%	38.20%	44.70%	50.00%	61.80%	70.70%	78.60%
6239.28	6272.86	6287.81	6300.00	6327.14	6347.61	6365.78

Intraday update NIfty - 2.00pm

The Bullish Rising three Candle pattern is invalid due to the low at 6253.

NIFTY ANALYSIS

Nifty has closed below the Day HEMA but above all other parameters. As mentioned earlier, yesterday from Day HEMA - it went down near Day LEMA and again back to day HEMA. - this trading range between Day HEMA and DAY LEMA - a very narrow range of 40 points must be resolved before any substantial move.

With the present scenario - it would be BUY near DAY LEMA @ +- 20 points SL OR sell NEAR DAY HEMA +-20 points SL.

Factors to be considered for a Buy:
1. Day/Hour Channel support @ 6275-70 - near DAYLEMA
2. Rising Three Candle Pattern - invalid below 6270.
3. Weekly TF is in buy mode

Factors to be considered for a sell:
1. EOD closed below DAY HEMA

NIFTY ANALYSIS

INTRADAY UPDATE 2.45 PM:

The three candles formed after the huge gapup on Monday - can be considered as  Rising Three Methods Candle pattern - if the EOD closing is above 6275 - which is highly bullish.
 

It is a  bullish continuation pattern in which a long white body - (in this case the huge gap up opening) - is followed by three small body days, each fully contained  within the range of the high and low of the first day. The fifth day closes at a new high.

 

TRADE	STOPLOSS	REASON
Aggressive - Sold @ 6310NS		Day HEMA/Hour channel breakdown
Booked at 6280NS		Day channel Bottom/Day LEMA

Nifty has traded between Day HEMA and Day LEMA.
If EOD close is below Day LEMA, then a positional short can be initiated.
TRADE BOOKED AT 6285NS AND NOT 6280NS.

NIFTY ANALYSIS:
Nifty managed to close above the Day HEMA - but lacks in momentum.

NIFTY ANALYSIS

Intraday Update: 3.00PM:

TRADE	STOPLOSS	REASON FOR Stoploss
Aggressive - Sold @ 6325NS/6360NF	Hour close above 6340	Day HEMA/Hour channel breakdown

Aggressive trade would be carried only if the EOD close is below Day HEMA - today's DHEMA - 6322.


NIFTY ANALYSIS:
Will Nifty make new highs, or is 6415 - sealed currently??? Charts gives both possibilities.

Nifty has to breakout of the Monthly Channel/weekly resistance Click Here decisively to get to new Highs.
A Bearish Wolfe wave  pattern has formed in weekly charts.

The POWER of TECHNICALS !!!! - NIFTY at New High!!!!

Nifty has made an all time high of 6415.25 today. Give it any reason - congress failure-BJP victory etc etc...., Technically Nifty was all set for new Highs - well enough to believe all events are factored in prices.

Nifty has reached the Channel top in Monthly charts:

Nifty has reached the Broadening triangle resistance in weekly charts.